Have an account?
Skip to Content
Introducing new Paper mode
No student devices needed. Know more
10 questions
Show Answers
See Preview
- Multiple ChoicePlease save your changes before editing any questions.
Commerce Includes
Activities related to Buying and Selling
activities related to Banking
All Activities performed to Satisfy Ones Needs
- Multiple ChoicePlease save your changes before editing any questions.
Barter System Failed due to
Mismatch of Needs and Possessions
Complexity in its procedures
Inventionof new tools of production
- Multiple ChoicePlease save your changes before editing any questions.
What was the need of introducing Classification Step in Accounting
to make recording simple
To help accountants in correcting errors
To make it easier to Locate Transactions related to particular entity
- Multiple ChoicePlease save your changes before editing any questions.
"Accounting is the art of recording classifying summarising, in a significant manner and in terms of money, transactions and events, that are in part at least of financial character and interpretting the results thereof." this definition of accounting was given by
Indian Institute of Chartered Accountants
American Accounting Board
American Institute of Certified Public Accountants
- Multiple ChoicePlease save your changes before editing any questions.
AICPA gave definition of Accounting in the year
1965
1940
1982
- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not a Qualitative Characteristic of Accounting Information
Reliabilty
Neat and Clean
Comparable
- Multiple ChoicePlease save your changes before editing any questions.
Which is the last step in Accounting process
Analysis and Interpretation
Communicating
Summarising
- Multiple ChoicePlease save your changes before editing any questions.
Use of Common unit of measurement and common format of reporting promotes
Relevance
Comparability
Understandability
- Multiple ChoicePlease save your changes before editing any questions.
Computer software for a Software Company is
Current Liability
Non Current Asset
Current Asset
- Fill in the BlankPlease save your changes before editing any questions.
Accounting Measures the business Transactions in terms of ............. units.